Cryptocurrency exchange-traded product (ETP) trading volumes have plunged over 74% in the last month, as the prices of these products have also been dropping. CryptoCompare found that volumes dropped from $186.5 million in mid-August to an average of $48 million in mid-September.
Here were the biggest headlines related to cryptocurrency exchanges and cryptocurrency trading.
Crypto Exchange KuCoin Hacked for Hundreds of Millions
Singapore-based cryptocurrency exchange KuCoin was compromised in a security breach that saw hackers withdraw large amounts of various cryptocurrencies from its hot wallets, including BTC, BSV,LTC, TRX, USDT, XLM ETH, various ERC-20 tokens, and XRP. While estimates vary, some suggest over $200 million were stolen, although token projects recovered most of the funds by either freezing what was stolen or reversing their smart contracts.
Bithumb Raided By South Korean Authorities
South Korea’s largest cryptocurrency trading platform Bithumb saw the Seoul Metropolitan Police Agency raid its headquarters for alleged fraud related to a $25 million token sale. The sold token was reportedly never listed on the exchange.
Singapore Exchange and CryptoCompare Launch Bitcoin and Ethereum Indices
Asia’s leading multi-asset exchange, Singapore Exchange (SGX) has started collaborating CryptoCompare to launch two cryptocurrencies indices, for bitcoin and ether. Both the iEdge Bitcoin Index and the iEdge Ethereum Index use a 24-hour volume-weighted average price, giving the most liquid market prices more importance and making the impact of illiquid markets negligible.
Square Forms Group to Stop Patent Trolls From Hindering Crypto Innovation
Square, the payment company of Twitter CEO Jack Dorsey, has invited cryptocurrency firms to join its Cryptocurrency Open Patent Alliance (COPA), a non-profit that wants to stop firms from locking up useful crypto technologies using patents. To join COPA, members have to pledge to make their patents freely available to all other members in a shared library.